to reap $1b from casino deal - 16th November 2015
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Star Entertainment Group will stump up more than $1
billion in state taxes to operate a mega casino resort
The operator of Brisbane's planned casino resort will
pay the Queensland government more than $1 billion
for the rights to run it.
Star Entertainment Group, formerly known as Echo Entertainment,
and joint Asian venture partners Chow Tai Fook Enterprises
and Far East Consortium, will pay $272 million to
the government by the time the $3 billion casino and
resort opens at Queen's Wharf in 2022.
consortium will also stump up an extra $880 million
in gaming tax payments during the first decade of
of the money set to flow into Queensland's coffers
were revealed on Monday as Premier Annastacia Palaszczuk
signed off on a contractual close with the consortium.
the deal, Star Entertainment will have a 25-year casino
exclusivity period for 60km from Brisbane's CBD and
be allowed a maximum of 2500 electronic gaming machines.
group, previously known as Echo Entertainment, wants
the casino precinct to be a global rival to similar
resorts in the gambling hubs of Macau and Singapore.
redevelopment of Queens Wharf Brisbane has the potential
to deliver significant and positive change for the
people of Brisbane," Star Entertainment managing
director Matt Bekier said.
development, which includes a luxury hotel with 1100
rooms, a casino, residential apartments and repurposed
Treasury Casino and Hotel buildings, is subject to
further planning approvals.
Entertainment chairman John O'Neill said it would
dramatically increase international tourism numbers
to the state, especially the affluent Chinese middle-class.
talking an additional 1.4 million tourists annually
and an annual increase in tourism of $1.69 billion,"
is expected to begin in 2017, creating between 2000
and 3000 jobs.
the development opens, the casino resort is expected
to employ 8000 people.
group's Gold Coast Jupiters Hotel and Casino is undergoing
a multi-million-dollar revamp and will be renamed
The Star, Gold Coast and the Treasury Casino and Hotel
in Brisbane will be renamed Treasury by The Star.
new Brisbane development will be known as The Star,
Brisbane when it opens in 2022 and The Star casino
in Sydney will be rebranded in March.